Global Special Purpose Needles Market Anticipated to Expand at a CAGR of 7.4% through 2026

The global special purpose needles market is projected to be valued at US$ 17,261.5 million by the end of 2026, registering a CAGR of 7.4% during the forecast period (2016–2026). In a new report titled “Special Purpose Needles Market: Global Industry Analysis and Opportunity Assessment, 2016–2026”, Future Market Insights delivers key insights on the factors and trends impacting the global special purpose needles market over a 10-year forecast period (2016–2026).

The market for special purpose needles is witnessing steady growth across the globe owing to an increasing geriatric population. According to analysts at Future Market Insights, “Increasing prevalence of diabetes and infectious diseases and increasing incidence of cancer and spine disorders across the globe are the primary factors driving the growth of the global special purpose needles market.” Availability of better reimbursement options for some types of special purpose needles in developed economies is likely to propel demand for special purpose needles over the forecast period. A key trend witnessed in the global special purpose needles market is the development of advanced techniques in the production of special purpose needles to facilitate enhanced patient safety and comfort. However, rise in awareness on needle free injections and risks associated with injections are major factors expected to hamper the overall growth of the special purpose needles market over the forecast period.

The Pen Needles product type segment is expected to gain popularity over the forecast period, driven by increasing global adoption of small sized needles for insulin injections. The Pen Needles product type segment is estimated to reach a valuation of US$ 644.3 Mn by the end of 2016, registering a CAGR of 9.1% over the forecast period.

The Sample Collection application segment is estimated to register a CAGR of 7.7% while the Drug Delivery application segment is expected to register a CAGR of 7.1% during the forecast period.

Demand for special purpose needles over the forecast period is expected to be the highest in the Hospital Pharmacies distribution channel segment, which is expected to register a CAGR of 8.5% in terms of value.

The North America market has been estimated to dominate the special purpose needles market while the market in APEJ is expected to be the fastest growing in terms of revenue growth. The markets in North America, Western Europe, and APEJ are estimated to collectively hold 74.7% market share of the global special purpose needles market in 2016.

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